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Amendment of the Law

Part of the debate – in the House of Commons at 2:00 pm on 23rd March 2011.

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Photo of Jesse Norman Jesse Norman Conservative, Hereford and South Herefordshire 2:00 pm, 23rd March 2011

It is not the Chancellor who has associated our economy with those of Portugal, Ireland, Greece and Spain, but the international markets. When the Governor of the Bank of England was before the Treasury Committee two weeks ago, he and his team confirmed that without a package of fiscal austerity measures, this country would be borrowing in the international markets at a rate 3% higher than we currently are. That is the Bank’s official position and that is why those difficult measures have been taken.